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Did the dealership exaggerate income?...

Contributor

Re: Did the dealership exaggerate income?...

Have you tried with another GM dealer?  Also have you reestablished your credit since your BK?

 

Believe it or not PenFed actually approved a new auto loan today for us.  After we got approved by GM Financial at 9.9 I tried one more app with PenFed since the denials were credit card apps.  I applied for a new auto and they approved it!  Unfortunately it was about $2900 short of the buyers order and the dealer wont budge since they already have an approval with GM Financial.  I tried to recon the amount with PenFed but I was told it’s due to debt to income.  My wife starts a new job in a month so we will either pay down our new loan by that amount when I get my bonus later this month and do a new auto refi with PenFed or wait until she starts her job and do the refi then.  PenFed told me our approval will work for that too when I explained the situation.  The rate we got with PenFed is 7.3   I’m hoping it will be done by the end if this month.  

 

We are picking it up tomorrow; a 2017 GMC Acadia All Terrain.  It’s a demo but the dealer has it discounted well.  

 

Did you say you already tried PenFed?

Message 31 of 40
Frequent Contributor

Re: Did the dealership exaggerate income?...

What is up with some of these salesmen???  I had been looking for the last two weeks and guys wouldn't even do the traditional handshake to introduce themselves!!!  I went with Carvana who I had tested a car about 6 months ago and returned it in 7 days with my trade.  I got tired of the haggling stuff back and forth. 

Message 32 of 40
Valued Contributor

Re: Did the dealership exaggerate income?...


@Newstart2018 wrote:

So here's where we are at. We went up to the dealership Tuesday evening, we are working with the finance guy, and he says that only one bank has been responding and that the bank is Prestige (the one who called me). Gives us a list of paperwork we need to provide to finish the "deal" and that we will pick up back up tomorrow. Wednesday morning my husband goes up to the dealership with all of the paperwork we needed, and after 4 hours, lets us know that we have been approved for such amount, with such APR, and such payment per month. He said the problem is he only has 1 vehicle that will work that approval amount, but it is being used as a loaner vehicle right now, and they should have it back later that day or the next day. So we call up there Thursday, salesman lets us know it will be back tomorrow now, as the couple using it lives out of town. Friday comes, I go up to the dealership, and salesman now says it will be here Monday hopefully. So I start getting a little suspicious and go home, and I call Prestige to verify that we ARE approved with them. After 30mins of being on hold, Presitge lets me know that our application was NOT approved. WHAT? Thats frustrating as the finance guy said that was the only bank responding to our application.

 

Now this all started with my husband and I initially applying through GM Financial so we could take advantage of the rebates. When I told the finance guy that, he said we'd just send our app to other banks as well and see what we get. When he later mentioned Prestige, I asked about GM Financial, and he said "it's funny, some banks will approve you, some won't." Well, duh, I get that. And he never expanded on that further. So after I got off the phone with Prestige to find out we were denied, I decided to call GM Financial and ask about our application. The guy at GM informed me that the dealership never even tried to process our application through GM even though I really expressed how we wanted to start with GM because of the rebates. Now, I understand that most finance guys can look at a credit report and know who will and who won't approve you or even work with you, but we've been with GM Financial in the past and we have a good history with them, no lates etc, which is why I hoped to go through them again. At this point, I dont even know if we're approved, and if we are, who we're approved through. I question if this "loaner vehicle" even exists because I don't see it on their website in their inventory. I don't know what is going on or what to believe. I'm not even going to contact them tomorrow because I am about to walk away from the whole deal. But if it does happen we're approved through SOMEWHERE, I hate to waste inquiries by walking away, and we desperately need a bigger vehicle and this is the furtherst we've been able to get in a year of trying for a bigger vehicle. 

 

Any advice? Does this sound familiar as far as this being something dealerships do just to string you along and hope you go along with whatever crap deal they offer you? This is so confusing to me because this dealership has great reviews. I had to really go back pretty far in their reviews to find even ONE bad review.  


It is also possible that the dealership employees spend a great deal of time writing those reviews!!!!! Reading reviews online is not very reliable.




TU fico08=810 08/11/18
EX fico08=796 08/08/18
EQ fico08=818 08/04/18
EX fico09=797 08/01/18
EQ fico bankcard08=837 07/24/18
Garden since 07/02/18
Message 33 of 40
Valued Member

Re: Did the dealership exaggerate income?...

We just opened an account with PenFed, and I plan to try an auto loan with them, or maybe GM again, in a few months. For now we’re going to stop applying for more credit and work with what we have while building up some savings. We took more inquiries than we wanted recently so I don’t want to incur anymore. I’m glad that PenFed and GM both worked for you though! That gives me some hope. We were looking at an Acadia also, though we really were hoping for an Enclave for more room, but they are more expensive. As of right now I’m so disappointed in how everything was handled (it’s Saturday, and the dealership still never called) that it makes it harder for me to want to try anyone or anywhere right now. As much as I’d like to wait another year, we have 3 kids cramped in the backseat of my tiny VW Tiguan. My oldest is super tall and she’s stuck between 2 car seats and can’t even put her feet on the floorboard comfortably. She’s the most disappointed with this. She just wants a seat to sit in where she fits in the car. Hopefully soon though.
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 34 of 40
Contributor

Re: Did the dealership exaggerate income?...

See what PenFed will do.  Since you just opened your account with them they should use the same credit pull for an auto loan.  

 

Have you looked at a Chevy Traverse?  Same size as the Enclave but less expensive.  

Message 35 of 40
Community Leader
Senior Contributor

Re: Did the dealership exaggerate income?...

I agree.  If you've already taken the HP with PenFed for the membership you may was well see if you can get an auto loan out of it.  If not, at least you'll know where you stand with them. 

 

I was able to obtain several auto loans with PenFed DURING my 5 year BK13.  Yes, you read that right, several during my BK.  Since my discharge I've obtained a few more and my BK13 is still alive and well on my report.  They can be very friendly.  While they may pass on you in regards to credit cards, they've (in my experience) have been decent in regards to auto loans.

Message 36 of 40
Valued Member

Re: Did the dealership exaggerate income?...

Thank you, that gives me hope. We did try for a CC with them (or he did at least) and he was denied. It kind of made me wary to try for an auto loan.
BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 37 of 40
Contributor

Re: Did the dealership exaggerate income?...

I had the same experience.  Right out of our Chap7 discharge I tried after opening an account for an auto refi and was turned down.  I tried for one of their CCs and was denied. 

 

Nearly two months after our discharge after GM Financial approved us so I figured I'd try with PenFed for a new auto loan and they approved us up to a certain amount.  The only reason we are waiting was we would have lost some of the rebates had we financed with them initailly and I am waiting for my bonus at work at the end of the month to pay down what we owe to GM Financial and what we were approved for with PenFed.  Between paying down to what PenFed approved us for and the rate drop we will save about $140 a month on the payment.

 

It wouldn't hurt to at least try.  Smiley Happy  If all else fails try to recon with them and you never know.

Message 38 of 40
Valued Member

Re: Did the dealership exaggerate income?...

Well I went ahead and applied last night. They did use the same report as they already pulled, but we were still denied. I'm not as upset about it since it didn't require another HP. How do you do recon for PenFed? I've read something before about them sending a survey, but they haven't sent one yet. 

 

They pulled his EQ and it is a 608.

BK 7 Filed: 2/13/18
Discharged: 5/17/18

CreditOne: $400
Message 39 of 40
Contributor

Re: Did the dealership exaggerate income?...

For the recon you'll want to send them an email (you can either send it via their email address on their website or through the secured message option) and state your case.  Be sure to include your application number and explain what happened with your BK and why you are needing a new vehicle and explain your situation.  I can't guarantee it will work but this is what others have done in the past.  Once you send that in give it a day or two and call in and speak with a Member Services rep and inquire that they got your recon email.  Ask to speak with a loan officer after that.  They may not let you do so but at this point once you ask about your recon you should see a status change in your applications list when you log into your account online.  They should have used the same HP from when you opened your membership so hopefully no more HPs.

 

I wish you the best of luck with PenFed and the recon!  Did you try GM Financial again?  The best thing to do is speak with a Finance  Manager/Director at whatever dealership you are shopping at and explain your situation about the BK and ask if they have any pull with GM Financial.  That's how we got our approval once we found the vehicle we wanted and spoke with the Finance guy.  Good Finance Manager or Director will do exactly what you ask in regards to only having them look at GM Financial, and calling if needbe.  If you lived in our area I would recommend the one we went through as it was a piece of cake.

Message 40 of 40